[ninetenfour]

Hindsight? I am pretty sure that is what people are using for the definition.

If the new high didn't hold, it was speculative, if it did hold and it went up further, it was its normal pricing.

[beervirus]

What timescale defines the difference between fundamental value and speculation? A week? A decade? A century?

[ninetenfour]

No one knows... I was being facetious in my earlier comment.